To amend the Securities Exchange Act of 1934 to provide for liability for certain failures to disclose material information in connection with proxy voting advice, and for other purposes.

HR 4590 would create legal liability for companies that sell paid proxy voting advice (such as firms providing stockholder voting recommendations for a fee) if they fail to disclose key details like their voting methodology, information sources, or conflicts of interest. It specifically targets firms marketing themselves as independent proxy advisors, separate from other investment services. The bill amends securities law to treat such omissions or false statements as violations under existing disclosure rules. This directly affects commercial proxy advisory firms, not individual investors or public companies.